A private company, also known as a privately held company, operates without offering its shares or associated rights publicly for subscription or negotiation on listed markets. Instead, the company's stock is privately offered, owned, traded, and exchanged over-the-counter.
In the realm of closed corporations, a distinct feature is the presence of a limited number of shareholders or company members. Synonymous terms include unquoted company and unlisted company.
In the United States, a notable cohort of 258 companies has reported revenues exceeding $2 billion in the latest fiscal year. This encompasses 85% of the listed entities, with their reported revenues spanning the calendar year 2022. Meanwhile, others have concluded their fiscal years as recently as October 2023.
Within this elite group, Cargill claims the top spot, boasting record-breaking revenues of $177 billion in its most recent fiscal year ending May 2023. This marks a significant 7% increase compared to the previous year.
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10 America’s Largest Private Companies 2024
Securing its position at No. 2, Koch Industries maintains its stronghold with a revenue figure of $125 billion. Despite this financial prowess, the family-owned company experienced a stagnant year-over-year sales performance.
In the ranking, Publix Supermarkets and H-E-B emerge as formidable players, claiming the No. 3 and No. 5 spots, respectively, among the giants in the grocery store industry.
| Rank | Name | State | Industry | Revenue | Employees |
| 1 | Cargill | Minnesota | Food, Soft Beverages, Alcohol & Tobacco | $177 B | 160,000 |
| 2 | Koch Industries | Kansas | Multi-company | $125 B | 120,000 |
| 3 | Publix Super Markets | Florida | Food Markets | $54.5 B | 250,000 |
| 4 | Mars | Virginia | Food & Drink | $47 B | 140,000 |
| 5 | H-E-B Grocery Company | Texas | Food Markets | $43.6 B | 145,000 |
| 6 | Reyes Holdings | Illinois | Food, Drink & Tobacco | $40 B | 36,000 |
| 7 | Enterprise Mobility | Missouri | Travel & Leisure | $35 B | 90,000 |
| 8 | C&S Wholesale Grocers | New Hampshire | Food, Drink & Tobacco | $34.65 B | 15,000 |
| 9 | Love's Travel Stops & Country Stores | Oklahoma | Convenience Stores & Gas Stations | $26.5 B | 40,000 |
| 10 | Southern Glazer's Wine & Spirits | Florida | Food, Drink & Tobacco | $26 B | 24,000 |
Claiming the No. 3 and No. 5 positions on the list of America's Largest Private Companies are the grocery store juggernauts Publix Supermarkets and H-E-B, respectively. Securing the No. 4 spot is Mars, a prominent player in the candy, food, and pet care industry.
It's crucial to note that the list meticulously excludes entities falling outside certain parameters. These exclusions pertain to companies based outside the United States, those exempt from income tax (e.g., Mohegan Tribal Gaming Authority), mutual ownership structures (e.g., State Farm Insurance), cooperatives (e.g., Land O'Lakes), companies with fewer than 100 employees, and those entities surpassing the 50% ownership threshold by another public, private, or non-U.S. company.
This list draws from Forbes' 'America's Largest Private Companies,' with the data presented reflecting information as recent as October 2023.
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